If you’ve been following the cryptocurrency news and community, you probably heard of Litecoin Cash. You might also be wondering if Litecoin Cash is similar to Bitcoin Cash. In this article, we’ll cover the basics of what Litecoin Cash is and how it all started.
Litecoin Cash (LCC) is the cryptocurrency platform that emerged from the first hard fork of the existing Litecoin (LTC) project. The split is scheduled on February 18, 2018, and is being managed by a group that is unrelated to the original Litecoin group.
The new Litecoin Cash network claims to offer improved transaction processing, enhanced mining capacity to easily generate more cryptocoins and blocks using the legacy SHA256 mining hardware, and an efficient network with better bandwidth availability.
Similar to the original Litecoin network’s LTC cryptocoins, the Litecoin Cash network uses LCC tokens as its cryptocurrency. All participants willing to migrate to the new Litecoin Cash platform will be awarded 10 LCC for each LTC coin they own at block 1371111 in the original Litecoin blockchain at the time of the fork.
What was the purpose of the Litecoin Fork?
The Litecoin Cash team believes that they can offer an excellent SHA256 coin for general usage. They love Litecoin and wanted to give something to the people who invested into Litecoin.
The fork happened on 18th Feb 2018 at the Litecoin block height of 1371111, that why anyone holding Litecoin at block 1371111 will have 10X as much Litecoin Cash, provided they have their seed/private keys with them.
There is a team of 4 behind this fork but most of the information on the site only includes their first name and a brief background. Most members on the team don’t seem to have a solid track record in the cryptocurrency space, but so far no issues or scams have been reported and it has been quite some time since the fork occurred.
Below are the listed some of the unique specifications of this newly born Litecoin Cash coin:
- 10:1 Claim Ratio – Unlike Bitcoin Cash, Litecoin Cash runs on a 10-1 Ratio, which means for every litecoin you own during the fork, you will receive 10 Litecoin Cash
- SHA256 Mining – After the fork block, Litecoin Cash switched to SHA256 proof-of-work hashes. This enables a new use for previously obsolete Bitcoin mining hardware.
- Optimised for the Real World – Target block time of 2.5 minutes gives 4 times the transaction bandwidth of Bitcoin, while transactions are 90% cheaper than Litecoin.
- Slow-Start Control – To prevent dominant early miners having an unfair advantage, block rewards will start at 0.25 LCC and grow to 250 LCC over the first 2000 blocks after the fork. The first 24 blocks after the fork will be mined at minimum difficulty. After this, DarkGravity will adjust the difficulty based on observed block generation time. The 250 LCC block reward (equivalent to 25 LTC) will be halved at the same chain heights as Litecoin.
- Small Premine – An equivalent amount to less than 1% of circulating money supply (less than 0.65% of total money supply) at fork time was paid to a development fund.
Exchanges that support Litecoin Cash
Unfortunately, not a lot of exchanges are supporting Litecoin Cash right now. A lot of the big exchanges including Coinbase decided not to participate in Litecoin cash.
Coinomi Wallet has declared that they will be supporting LCC fork soon in their mobile wallet app and the same thing they have mentioned in their tweet as well. Prehaps, the most well known exchange that supports Litecoin Cash is Yobit.
Conclusion – Is Litecoin Cash Legit or a scam?
The coin itself seems like it has a lot of value and has a purpose, but there are a lot of controversial things behind it as well.
Charlie Lee, the founder of Litecoin, sent out a tweet about “forks”, but did not directly talk about Litecoin Cash. See a picture of his tweet below:
Either way, regardless if the coin itself is legit, free crypto is free crypto, so if you’re already holding some Litecoin, then Litecoin Cash is esstentially free money.